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Luxury goods are so cheap in Turkey because of Lira’s crashing

The fall of lira has attracted many foreign tourists to Turkey for vacation and shopping. Turkish luxury sales are expected to break records as foreign tourists spend significantly more on shopping, especially luxury goods.

Foreign tourists queuing in front of luxury stores such as Louis Vuitton, Chanel and Hermes are expected to be the biggest winners in Istinye Park, Istanbul, Turkey.

The lira is currently trading at 1.0029 against the renminbi, the lowest at 1.4518 last month, and has risen about 45% in about a month, according to the lira and Renminbi exchange rates. That is to say, if it took about RMB 30,000 to buy a luxury bag last month, it would cost about RMB 20,000 this month. Coupled with pricing, tariffs and other factors, Turkey’s pre-tax price is almost half of the domestic commodities.

However, a buyer said that the current average line of luxury goods stores more than 2 hours, all the classics out of stock, the prices of stores have been raised, because of too sudden, price tags are directly affixed.